Every savings account offered by HDFC has its own unique set of advantages and features that can be accessed instantly. Top-notch banking features and services are included with the savings account you open with us. Personal Relationship Managers are available to assist customers at all times as they compare and select the best account for their needs.
A customer's savings account balance must be maintained at a predetermined level to avoid being charged a penalty fee by HDFC Bank. The Average Monthly Balance (AMB) for urban and metro branches should be Rs.10,000 to avoid penalty costs. It costs Rs. 5,000 to open an account at a branch located in a semi-urban area. Rural branches must maintain an Average Quarterly Balance (AQB) of Rs.2,500 in order to avoid a fine. There is an exception to this rule for clients who retain a fixed deposit for more than one year and a day for an amount in excess of Rs.10,000. There is a penalty of between Rs.150 and Rs.600 for branches in semi-urban, metropolitan, and metro areas that do not keep an adequate balance in a regular savings account (excluding taxes). Metro and urban branches charge a fee of Rs.150 for not maintaining an average monthly balance between Rs.7,500 and Rs.10,000 (exempt from taxes). For an average monthly balance of between Rs.5,000 and Rs.7,500, the fee is Rs.300. For an average monthly balance of Rs.2,500 to Rs.5,000, the fee is Rs.450. For an average monthly balance of less than Rs.2,500, the fee is Rs.600. In semi-urban locations, an AMB between Rs.2,500 and Rs.5,000 costs Rs.150, whereas an AMB under Rs.2,500 costs Rs.300. It costs Rs.270 to Rs.2,500 to have an AMB in rural branches, whereas it costs Rs.450 to have an AMB less than Rs.1,000 in rural branches.
Both public and private banks require their customers to keep a certain balance in their accounts. In most cases, banks will impose a small fee if the savings balance falls below a predetermined threshold. The average monthly and quarterly balances are set by each bank based on the branch location of the customer. There are four regions: semi-urban, metro, urban and rural in every city in the country. HDFC Bank and SBI Bank have fines in place for customers who do not keep a minimum level in their accounts. Depending on where the consumer accesses the account, there are different penalties in place.
Almost all major banks now enforce a minimum balance for savings accounts. In the event that a customer falls short of maintaining the monthly average balance (MAB), he or she will be subject to a penalty. The fine is determined by a number of variables, including the branch's location and the difference between the actual bank balance and the acceptable average.
HDFC Bank mandates the following as a typical minimum balance at each of its bank branches:
- Rs.10,000 per month - Metro branch.
- Rs.5,000 per month for the branch in the suburbs.
- A monthly fee of Rs.10,000 is charged for the urban branch.
- Rs.2,500 per quarter for the rural branch.